Sun News - Myrtle Beach National Co. has acquired Pawleys Plantation, giving the largest golf course management/ownership group on the Grand Strand operation of 14 Strand courses, including three 27-hole facilities. The company also has a marketing arrangement with the TPC of Myrtle Beach. Jim Woodring, vice president of golf operations and marketing for Myrtle Beach National, predicts the company will stand pat with its holdings for a while. The second largest course management company on the Strand, Burroughs & Chapin Co., owns and/or manages 10 of the Strand's approximately 100 courses. "This is a good number," Woodring said. "We're very comfortable for the time being. We have plenty on our plate right now."
Pawleys Plantation opened in 1988 and is a challenging Jack Nicklaus-designed layout with Lowcountry features including tidal marsh and large live oak trees. Myrtle Beach National acquired Pawleys Plantation from original owner Les Morris. It had a contract to purchase the course this past spring and was finally able to finalize the details. The acquisition also includes all the resort amenities and real estate contained on the property. Myrtle Beach National will maintain the property's dining and convention facilities including three restaurants and more than 10,000 square feet of meeting space highlighted by the Plantation Ballroom. The company will also serve as rental manager for the more than 100 villas at Pawleys Plantation. The Pawleys Plantation course has been rated among the top 25 courses in South Carolina by Golf Magazine, Golf World and the South Carolina Golf Course Ratings Panel. Pawleys Plantation is also home to the Ritson-Sole Golf School, rated by Golf Magazine in 2008 as one of the Top 25 Golf Schools in America.
Pawleys Plantation has also been judged as one of the top meeting facilities in the Southeast by ConventionSouth magazine. "It's such a great fit with the other courses we have down there for package programs," Woodring said. "Arguably it's one of the prettiest courses in the area and it gives us both Jack Nicklaus courses in the area, along with Long Bay Club on the north end." Myrtle Beach National also owns and operates three courses at Myrtle Beach National Golf Club, Aberdeen Country Club, Waterway Hills Golf Club, Long Bay Club, Litchfield Country Club, River Club and Willbrook Plantation. The company has management contracts with Blackmoor Golf Club, Wachesaw Plantation East, Wild Wing Plantation and Tradition Club.
Tuesday
New Bank Under Construction
Sun News - Bank of America has started building a branch at the corner of Pine Island Road and Seaboard Street in Myrtle Beach. The 4,452-square-foot bank will have a drive-through ATM, according to paperwork submitted to the city of Myrtle Beach. The location is being built because Bank of America identified a need in the area, a bank spokeswoman said when the new branch was approved several months ago. "We actively manage our retail distribution network to meet evolving customer demand," she said at that time.
Freestyle Music Park board resigns following foreclosure
Sun News - The majority of Freestyle Music Park's board of directors have stepped down in the wake of a foreclosure suit against the park, former president Steve Baker said in an interview today. A single member, appointed by the park's Russian investors, stayed on the board and continues to try to sell the park, said Baker, who also resigned. All other members of FPI MB Entertainment LLC, the park's owner, resigned after the park's mortgage holder, FPI US LLC, filed a foreclosure suit on Aug. 5, he said. Baker said he could not confirm the identity of the remaining board member with FPI MBE. The future of the park looks grim, Baker said. "I don’t think its dead…but I’m not real optimistic because I don’t think there’s anyone close to buying it," he said. Attorneys Nate Fata, representing FPI MBE, and David Slough, representing FPI US, could not be reached Tuesday afternoon.
The park failed twice in two years after lackluster seasons: First as Hard Rock Park in 2008, then as Freestyle in 2009. The park did not reopen for a 2010 season. The resignations leave Russian investors on both sides of the foreclosure suit. The mortgage holder, FPI US LLC, is a US division of MT Development, a Russian developer. FPI US formed a joint venture with MB Entertainment LLC to start the park under the name FPI MB Entertainment LLC, according to court documents, and appointed its own representative to the resulting company's board. FPI MBE responded to the foreclosure suit Friday, admitting most of the claims against it, according to court documents. FPI MBE affirmed that it owes nearly $25 million on the park, is in default on its loans and is unable to pay the outstanding amount. "They're pretty much admitting a debt is owed and they're pretty much admitting there’s a mortgage and there’s going to be a foreclosure," said Joseph Wachter, an attorney not affiliated with either party.
The response said that FPI MBE should not be responsible for its debt beyond what can be repaid if the property is auctioned off. That's the only claim FPI MBE denied outright with minor claims being denied due to lack of sufficient information, Wachter said. The response indicates a change in the legal approach for FPI MB Entertainment LLC, the park's owner, which has sporadically responded to lawsuits. Local and federal courts have issued at least eight rulings against FPI MB for failure to respond to lawsuits. Baker and the board had been working to find a new buyer for the park prior to their resignations, he said. The foreclosure suit puts additional urgency on the park to find new investors and will make it more difficult to sell, he said. "The Myrtle Beach market can support a park, and I think that market can be attractive," Baker said. "But I think time is not on the investors' side."
The park failed twice in two years after lackluster seasons: First as Hard Rock Park in 2008, then as Freestyle in 2009. The park did not reopen for a 2010 season. The resignations leave Russian investors on both sides of the foreclosure suit. The mortgage holder, FPI US LLC, is a US division of MT Development, a Russian developer. FPI US formed a joint venture with MB Entertainment LLC to start the park under the name FPI MB Entertainment LLC, according to court documents, and appointed its own representative to the resulting company's board. FPI MBE responded to the foreclosure suit Friday, admitting most of the claims against it, according to court documents. FPI MBE affirmed that it owes nearly $25 million on the park, is in default on its loans and is unable to pay the outstanding amount. "They're pretty much admitting a debt is owed and they're pretty much admitting there’s a mortgage and there’s going to be a foreclosure," said Joseph Wachter, an attorney not affiliated with either party.
The response said that FPI MBE should not be responsible for its debt beyond what can be repaid if the property is auctioned off. That's the only claim FPI MBE denied outright with minor claims being denied due to lack of sufficient information, Wachter said. The response indicates a change in the legal approach for FPI MB Entertainment LLC, the park's owner, which has sporadically responded to lawsuits. Local and federal courts have issued at least eight rulings against FPI MB for failure to respond to lawsuits. Baker and the board had been working to find a new buyer for the park prior to their resignations, he said. The foreclosure suit puts additional urgency on the park to find new investors and will make it more difficult to sell, he said. "The Myrtle Beach market can support a park, and I think that market can be attractive," Baker said. "But I think time is not on the investors' side."
Construction, sales to start at new Grande Dunes Subdivsion
Sun News - Construction and sales will start in September at Cipriana Park, a new subdivision in Grande Dunes in Myrtle Beach. The subdivision, on Grande Dunes Boulevard between U.S. 17 Bypass and U.S. 17 Business, will have 182 single-family homes when it is completed. Leonard, Grigg & Associates LLC and Traditional Homebuilders of Little River teamed up on the project. The three-bedroom, two-bathroom houses will range in size from about 2,000 square feet to about 3,200 square feet and base prices will range from $270,000 and $390,000. Sales will begin at the development in September and Traditional Homebuilders will build two models, which will be completed by January.
Development near Market Common Defaults
Sun News - More than 200 acres of former Myrtle Beach Air Force Base property near The Market Common is up for sale after the owner failed to make payments and the lender started foreclosure proceedings. The Withers Preserve planned unit development was zoned for commercial and residential uses, and the undeveloped land is now under the jurisdiction of a court-appointed receiver. Barclays Capital Real Estate Inc. filed to foreclose on Myrtle Beach Property Development LLC a few months ago and asked the court to appoint a receiver to take care of the property, according to court documents. Myrtle Beach Property Development owner Robert O'Neel could not be reached for comment Thursday. His company borrowed $50 million from Barclays in 2006. The land is the collateral for the loan, and when the development company failed to make payments Barclays began the foreclosure process. The company owes Barclays about $47.2 million.
Stephen McCrae, a lawyer with K&L Gates in Rock Hill who is representing Barclays, said he couldn't comment on what the lender's plans are for the property but said that the foreclosure action was awaiting referral to the Master-in-Equity. Two parts of the planned development, the Alexan Withers Preserve apartment complex and the strip of commercial properties owned by Tennessee-based real estate development company, Holrob, are not part of the foreclosure. The 12 parcels involved are on both sides of Farrow Parkway near the intersection with U.S. 17 Bypass. "Our role is really to step in. It's a positive move," said Wilson, who has 22 years of experience as a receiver throughout the country. "We're there to preserve the entitlements and take care of the property and maintain the insurance." Wilson said that he is seeing an increase in similar cases across the country and that the foreclosure does not mean it is a bad property. In fact, he said the property has a strong long-term value and there has already been interest from potential buyers. "It's merely a situation reflective of the real estate markets in general," Wilson said. "The transaction is reasonably straightforward. You just have an overbuilt product without a lot of demand today."
Wilson has had to negotiate new insurance policies and ensure the safety of the property. He recently hired Colliers Keenan, a Columbia-based commercial real estate company, to market the property. Another of Wilson's duties has been to negotiate with the South Carolina Department of Transportation, which is trying to buy two pieces of the property. Richard Lovelace, a Conway lawyer, is representing the receivership in court in the sale because a judge has to approve the sale of the property to the SCDOT. "I think they're close to reaching a settlement with the highway department on two parcels," he said. In June the court authorized Wilson to proceed with the sale of the land to SCDOT, according to court documents. O'Neel, the owner of Myrtle Beach Property Development, could not be reached for comment but he had invested heavily throughout the country and many of his projects are now in foreclosure, according to The Press Democrat in Santa Rosa, Calif. "You know, I can look back at all kinds of things and say I never should have done it. But I can't. Those were decisions I made at the time," he said to The Press Democrat.
Buddy Styers, the executive director of the Myrtle Beach Air Force Base Redevelopment Authority, said that the foreclosure could be good for the area. "I hope it's a good thing that they can get something started out there. It would sure benefit Myrtle Beach, Horry County and it would certainly benefit The Market Common to get some more development out there." David Wilkes, the executive vice president of Dock Street Communities, which built much of The Market Common, said the company is watching the foreclosure process. "We would not be not interested in any opportunity that would present itself in that area but are we actively seeking it currently? Not right now," he said. While Dock Street is focused on some residential construction projects, Wilkes said the land would be a great property for someone to buy. Gary Roberts, the broker-in-charge of commercial division of Coldwell Banker Chicora Real Estate, who sold the property to O'Neel years ago said he thinks that plans are great and the area has a lot of potential. "I absolutely believe that there will be a buyer for that," he said.
Stephen McCrae, a lawyer with K&L Gates in Rock Hill who is representing Barclays, said he couldn't comment on what the lender's plans are for the property but said that the foreclosure action was awaiting referral to the Master-in-Equity. Two parts of the planned development, the Alexan Withers Preserve apartment complex and the strip of commercial properties owned by Tennessee-based real estate development company, Holrob, are not part of the foreclosure. The 12 parcels involved are on both sides of Farrow Parkway near the intersection with U.S. 17 Bypass. "Our role is really to step in. It's a positive move," said Wilson, who has 22 years of experience as a receiver throughout the country. "We're there to preserve the entitlements and take care of the property and maintain the insurance." Wilson said that he is seeing an increase in similar cases across the country and that the foreclosure does not mean it is a bad property. In fact, he said the property has a strong long-term value and there has already been interest from potential buyers. "It's merely a situation reflective of the real estate markets in general," Wilson said. "The transaction is reasonably straightforward. You just have an overbuilt product without a lot of demand today."
Wilson has had to negotiate new insurance policies and ensure the safety of the property. He recently hired Colliers Keenan, a Columbia-based commercial real estate company, to market the property. Another of Wilson's duties has been to negotiate with the South Carolina Department of Transportation, which is trying to buy two pieces of the property. Richard Lovelace, a Conway lawyer, is representing the receivership in court in the sale because a judge has to approve the sale of the property to the SCDOT. "I think they're close to reaching a settlement with the highway department on two parcels," he said. In June the court authorized Wilson to proceed with the sale of the land to SCDOT, according to court documents. O'Neel, the owner of Myrtle Beach Property Development, could not be reached for comment but he had invested heavily throughout the country and many of his projects are now in foreclosure, according to The Press Democrat in Santa Rosa, Calif. "You know, I can look back at all kinds of things and say I never should have done it. But I can't. Those were decisions I made at the time," he said to The Press Democrat.
Buddy Styers, the executive director of the Myrtle Beach Air Force Base Redevelopment Authority, said that the foreclosure could be good for the area. "I hope it's a good thing that they can get something started out there. It would sure benefit Myrtle Beach, Horry County and it would certainly benefit The Market Common to get some more development out there." David Wilkes, the executive vice president of Dock Street Communities, which built much of The Market Common, said the company is watching the foreclosure process. "We would not be not interested in any opportunity that would present itself in that area but are we actively seeking it currently? Not right now," he said. While Dock Street is focused on some residential construction projects, Wilkes said the land would be a great property for someone to buy. Gary Roberts, the broker-in-charge of commercial division of Coldwell Banker Chicora Real Estate, who sold the property to O'Neel years ago said he thinks that plans are great and the area has a lot of potential. "I absolutely believe that there will be a buyer for that," he said.
Utility Authority projects could cost hundreds of millions
The Cape Fear Public Utility Authority will soon have a new plan on what it will build, fix and upgrade during the next decade – and what customers will pay to make it reality. The authority board on Wednesday will begin formulating a new 10-year capitol improvement schedule, an ever-evolving map on how authority leaders will spend money to repair aging infrastructure, promote growth and development and bring water and sewer to unserved parts of the county. The list of projects won't be cheap – the total price tag will likely be in the range of hundreds of millions of dollars and mainly paid for with bonds that will require rate increases to pay for.
Click on the link below for the full article:
http://bit.ly/9IYqJv
Click on the link below for the full article:
http://bit.ly/9IYqJv
Job opportunities coming with new convention center
Star News- Wilmington's new convention center will need contractors for a wide range of tourism and technical jobs, and businesses that are local or certified as small or minority-owned could stand out among others seeking those positions.At a forum hosted Thursday night by the city of Wilmington and an urban planning contractor, local business representatives learned about opportunities for contract jobs and criteria required of them to be selected as a contractor with the Wilmington Convention Center. The city has a policy to encourage the inclusion of women, minorities and small businesses in doing business with the city, said Ken Weeden of Ken Weeden & Associates, a consulting firm contracted by the city to plan Thursday night's forum. Weeden told the forum's attendees that the city will require small or minority-owned businesses seeking contractor positions to have a Disadvantaged Business Enterprise certification, which means the state has recognized the business as being small and independent with at least 51 percent of the business owned by one or more socially or economically disadvantaged individuals. Certifications are issued by the N.C. Department of Transportation or the N.C. Department of Administration.
Click on the link below for the article:
http://bit.ly/akdULS
Click on the link below for the article:
http://bit.ly/akdULS
Myrtle Beach airport sees record traffic
Sun News - More people flew into and out of Myrtle Beach International Airport in July than ever before, breaking the 100,000 passenger mark, according to airport numbers released Monday. More than 111,000 passengers boarded outbound planes and more than 117,000 passengers arrived in Myrtle Beach in July, breaking records set in July 2005 and beating peak months in 2007 before the economic downturn began. Additional markets and direct routes to places like Atlanta, Pittsburgh and Chicago added in recent months have bolstered passenger demand. Direct marketing in those new destinations also helped bring more people to the area to spend tourism dollars, according to airport and tourism officials.
Click on the link below for the full article:
http://bit.ly/c1KHpn
Click on the link below for the full article:
http://bit.ly/c1KHpn
Wednesday
Port of Wilmington gets focus with International Terminal project on hold
With the N.C. International Terminal project on hold and its future in question, N.C. State Ports Authority officials say they will turn their focus to existing ports in Wilmington and Morehead City. At the Port of Wilmington, there is momentum to build from – at least in the shipping container business. For the fiscal year that ended June 30, container volumes increased 29 percent from the year before, from 194,600 TEUs in 2008-09 to 249,850 TEUs in the latest fiscal year, according to Ports Authority statistics. A 20-foot equivalent unit, or TEU, is a measure used for capacity in container transportation.
Click on the link below for the full article:
http://bit.ly/d7J1hl
Click on the link below for the full article:
http://bit.ly/d7J1hl
Work starts on Expansion of 38th Ave. North in Myrtle Beach
Sun News - Work has started to widen 38th Avenue North in Myrtle Beach, but it will still be weeks before drivers experience traffic delays. "There's a lot of preparation that goes into a project like this," said Public Works Director Bill Oliver of the 270-day job. Between now and the end of April, crews will transform a half-mile segment of 38th Avenue North between U.S. 17 Bypass and just east of Robert M. Grissom Parkway. When the work is completed, the now-two-lane road will be five lanes with a center turn lane, sidewalks, gutters, bike lanes and a new traffic signal at 38th and Oleander.
Click on the link below for the full article:
http://bit.ly/9sjyVH
Click on the link below for the full article:
http://bit.ly/9sjyVH
Subscribe to:
Posts (Atom)